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Tertiary Minerals #TYM – Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), the total issued share capital of the Company with voting rights is 359,323,754 ordinary shares.

The above figure of 359,323,754 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTR.

 Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

 

 

 

+44 (0)1625 838 679           

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat /Lindsay Mair

 

 

+44 (0) 20 3470 0470

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Tertiary Minerals #TYM – Director Dealing, Issue of Equity & Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that pursuant to terms agreed on 30 April 2014 and further to the RNS dated 20 August 2014, a non-executive director of the Company will be receiving a portion of his annual fees in  ordinary shares of 0.01 penny each in the Company, on a six-monthly ongoing basis calculated with reference to the closing mid-market price on the trading day prior to the issue of the Ordinary Shares.

On 17 August 2018, the Company resolved to issue a total of 217,597 Ordinary Shares to Donald McAlister for the six month period ended 30 June 2018. 

These Ordinary Shares were issued at a price of 0.625 pence per share, being the closing mid-market price on 16 August 2018.

The following table shows the number of Ordinary Shares issued to Donald McAlister together with his total holdings following the issue of the Ordinary Shares: 

Director

Number of Ordinary Shares issued

Price of Ordinary Shares issued

Interest in total number of Ordinary Shares following Admission

% of Company’s issued share capital following Admission

Donald McAlister

217,597

0.625 pence

876,765

0.24%

 

Application has been made to the London Stock Exchange for 217,597 Ordinary Shares to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 24 August 2018.

Total Voting Rights

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 359,323,754 ordinary shares.

The above figure of 359,323,754 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

Market Abuse Regulation 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the issue of ordinary shares to a director.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Donald McAlister

2.     

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:   

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.01p each

 
GB0008854563

b)

Nature of the transaction:

Issue of new ordinary shares in lieu of  fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.625 pence

217,597

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.625 pence

217,597

 

e)

Date of the transaction:

17 August 2018

14:30 UTC

f)

Place of the transaction:

Outside a trading venue

 

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679           

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat /Lindsay Mair

+44 (0) 20 3470 0470

 

Notes to Editors 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Brand CEO Alan Green talks Tertiary Minerals #TYM, Andalas Energy #ADL, Northern Bear #NTBR & ECR Minerals #ECR on Vox Markets podcast

Brand CEO Alan Green discusses Tertiary Minerals #TYM, Andalas Energy & Power #ADL, Northern Bear #NTBR and ECR Minerals #ECR. The interview begins after 8 minutes.

Tertiary Minerals #TYM – Storuman Project Mine Permit Update

Further to detailed information provided in the RNS dated 17 April 2018, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, now provides an update on the Exploitation (Mine) Permit re-assessment for the Company’s Storuman Fluorspar Project in Sweden.

Summary:

  • The Swedish Mining Inspectorate (“Mining Inspectorate”) has now received the opinion of The County Administrative Board of Västerbotten (“CAB”) in response to the recent supplementary reports submitted by the Company in connection with its application for a Mine Permit.

Key comments:

Ø Natura 2000 area: The CAB is satisfied with the supplementary in-depth analysis and has concluded that a supplementary Natura 2000 permit is not required.

Ø Tailings Storage Facility (“TSF”): The CAB is not satisfied that the mitigation measures proposed by the Company enable the co-existence of reindeer husbandry and the TSF operation. The CAB has expressed the view that the proposed TSF location should be protected to secure reindeer husbandry.

Ø The CAB has therefore advised against grant of the Mine Permit in its current form.

  • The Company has now been asked to provide comments regarding the CAB’s opinion back to the Mining Inspectorate.

Commenting today, Managing Director, Richard Clemmey said: “I am pleased that the CAB has accepted that we do not require an additional Natura 2000 permit, which would be a costly and time consuming process. It is however disappointing that the CAB has not accepted the extensive mitigation measures proposed for the TSF location. Whilst we, our Swedish consultants and our lawyers remain of the strong opinion that the mitigation measures proposed are more than adequate to enable the co-existence of reindeer husbandry and the TSF operation, we, together with our consultants and lawyers, now need to review the CAB’s response in full and decide on the best course of action in order to overcome this hurdle”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Background Information – Storuman Mine Permit

The Company submitted its Exploitation (Mine) Permit application in July 2014 to the Swedish Mining Inspectorate and following an extensive consultation process the 25-year Exploitation (Mine) Permit was granted on 18 February 2016.

However, as a consequence of the Supreme Court’s decision to overturn the grant of a third-party mining company’s Mine Permit in the south of Sweden (Norra Karr Mine Permit – rare earth element project, owned by Leading Edge Minerals) the government returned the Storuman Mine Permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment in December 2016. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. Earlier in 2017 the Swedish Mining Inspectorate requested additional information from the Company relating to the original Environmental Impact Assessment (EIA) and the wider area. The Company provided the additional information to the Swedish Mining Inspectorate in the form of an updated EIA in May 2017. The additional information was accepted by the Mining Inspectorate which subsequently invited all stakeholders to provide comments on the application and additional information, the deadline for responses was 27 October 2017.

In response to stakeholder responses the Swedish Mining Inspectorate requested further detail from the Company in relation to the impact of proposed operations on the Natura 2000 and reindeer herding within the wider surrounding area and were granted a deadline of 16 April 2018 to respond. Given that the level of detail required for the wider area has changed in response to the new case law, the Company engaged with its Swedish legal advisors, the Swedish Mining Inspectorate and The County Administrative Board of Västerbotten to establish the requirements prior to the work being executed and submitted.

The supplementary reports and legal statement were submitted to the Mining Inspectorate on 16 April 2018. Any ratification of the grant of the mining concession will, however, be open to appeal and the Company will therefore not spend any further money on exploration or development of the Storuman Project until the matter is resolved.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Industrial Minerals: European acidspar market tightness pushes buyers to China; prices firm there – Tertiary Minerals #TYM

Article and tables by Michael Greenfield, Industrial Minerals 

Acidspar consumers in Europe have struggled to secure quality material consistently and in timely fashion because Chinese consumers are paying more than their European counterparts.

Acidspar availability in Europe is tight because producers are looking to sell to consumers in China where they can achieve higher prices.

The tightness in the European market is forcing consumers to enter the Chinese market to source material, putting upward pressure on acid grade fluorspar prices in China.

“No large volumes are being seen on the market [in Europe] – it can be done but with difficulty. There is no stock available. There is a premium on consistency and timely deliveries,” one trader said. “Flows of material are irregular and it has become a hand-to-mouth market.”

Industrial Minerals assessed the price of acidspar, 97% CaF2, wet filtercake, fob China at $450-530 per tonne on June 21, unchanged for a third consecutive week. At the start of 2018, the price was $400-420 per tonne.

Industrial Minerals does not price acidspar sold into China on a cif basis but understands the price to be $450-500 per tonne, according to a source selling material to Chinese consumers.

European prices have yet to react to the tightness and the choppier trading conditions, however. Industrial Minerals assessed the price in Europe for acidspar, 97% CaF2, wet filtercake, cif Rotterdam at $370-390 per tonne on February 15, where it has since held firm.

“All the material available on the spot market has gone to China,” a second trader said.

He claimed to have received inquiries from a major European acidspar user that had not previously approached him, highlighting the fact that even major buyers are scrambling to secure material.

“Asia is paying better [than Europe] and any producer with material is supplying them,” a producer confirmed.

Link here to read article on IndMin website

Industrial Minerals: Strong fluorspar pricing to continue into 2019 – producers

Article by Michael Greenfield, Industrial Minerals 

Tight supply and strong demand has given fluorspar producers confidence that strong prices will continue into 2019.

Restricted fluorspar supply from China has pushed prices higher over 2018 and with strong end-market demand, producers believe market conditions will carry on supporting high prices.

One producer told Industrial Minerals that “consumers stocks are depleted which means they have no space to trial different producers – they must stick with material they are used to processing.”

“This puts an emphasis on quality material and consistent supply and with supply tight due to environmental controls in China, consumers are requesting advance shipments,” the producer added. “This is something I haven’t seen for many, many years.”

The producer source told Industrial Minerals he anticipates the current market conditions to support strong pricing into 2019.

Another producer said its mining operation is running at full capacity as a result of positive demand.

Industrial Minerals’ acidspar,97% CaF2, wet filtercake, prices were assessed at $450-530 per tonne fob, China on Thursday June 21. This is up from $400-420 per tonne at the beginning of 2018.

Supply tightness in China

Strong demand in the fluorspar end markets, such as refrigerants, has met with reduced volumes of fluorspar available on the international market from China – the world’s largest producing market – to provide the perfect conditions for higher spot prices.

Environment controls from the Chinese government have hit the fluorspar mining sector, with the second producer source believing “illegal” mines have been taken off the market following inspections.

The fluorspar mining sector in China is extremely fragmented with the largest 30 mines accounting for 1 million tonnes per year of production, and the smallest of those 30 producing just 5,000 tpy.

By comparison the world’s largest producer, Mexichem, produces over 1 million tpy of the 6.5 million tpy global supply.

With mines coming offline due to inspections and no large-volume producers to supply the demand, European consumers have described difficulty in filling order books.

While it is unsurprising that producers are commenting on strong prices while the market approaches contract negotiation stages, typically around September, other market participants have been echoing the sentiment.

One trader told Industrial Minerals he had received inquiries from high-volume European consumers, which he had never experienced before.

The same source said consumers were looking to settle contracts earlier in the year to secure supply, but also on estimations that prices would rise in the second half of 2018.

Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Tertiary Minerals #TYM ECR Minerals #ECR Pressure Technology #PRES & Andalas Energy & Power #ADL

Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Tertiary Minerals #TYM ECR Minerals #ECR Pressure Technology #PRES & Andalas Energy & Power #ADL

(Interview starts at 19 minutes 46 seconds)

US Department of the Interior Releases 2018’s Final List of 35 Minerals Deemed Critical to U.S. National Security and the Economy – USGS

Article from The United States Geological Survey
Release Date: 

The Department of the Interior today published a list of 35 mineral commodities considered critical to the economic and national security of the United States. This list will be the initial focus of a multi-agency strategy due in August this year to implement President Donald J. Trump’s Executive Order to break America’s dependence on foreign minerals

At the direction of Secretary Zinke, on February 16, 2018, Interior’s U.S. Geological Survey published a draft list of 35 critical minerals under Executive Order 13817. A report summarizing the methodology for compiling the list and background information can be found here.

Today, after consideration of the 453 public comments received, the Department of the Interior decided that the methodology used to draft the list remains valid and finalized the original list of 35 critical minerals in the Federal Register.

“The expertise of the USGS is absolutely vital to reducing America’s vulnerability to disruptions in our supply of critical minerals,” said Dr. Tim Petty, Assistant Secretary of the Interior for Water and Science.

The list includes aluminum—used in almost all sectors of the economy; the platinum group metals—used for catalytic agents; rare-earth elements—used in batteries and electronics; tin—used as protective coatings and alloys for steel; and titanium—overwhelmingly used as a white pigment or as a metal alloy. A full list of the 35 mineral commodities follows.

This list of critical minerals, while “final,” is not intended as a permanent designation of criticality, but will be a dynamic list updated periodically to represent current data on supply, demand, and concentration of production, as well as current policy priorities.

Under the Executive Order, the Commerce Department is responsible for organizing the interagency responses into a final report which is due Aug. 16, 2018, to the President.  The report will include:

  • a strategy to reduce the nation’s reliance on critical minerals
  • the status of recycling technologies
  • alternatives to critical minerals
  • options for accessing critical minerals through trade with allies and partners
  • a plan for improvements to mapping the United States and its mineral resources
  • recommendations to streamline lease permitting and review processes,
  • ways to increase discovery, production, and domestic refining of critical minerals

This report will, as appropriate, include analyses and strategies to strengthen and sustain the supply chains for all minerals, and analyses and strategies targeted to minerals deemed critical based on this 2018 analysis.  For example, because the permitting of minerals development activities is administered under existing mineral disposal laws and regulations, any recommendations to improve permitting processes for critical minerals will improve permitting processes for all minerals administered under the same laws and regulations by the Bureau of Land Management and other Federal land management agencies..

The full list of critical minerals includes the following—click a mineral’s name to find relevant statistics and publications: 

  • Aluminum (bauxite), used in almost all sectors of the economy
  • Antimony, used in batteries and flame retardants
  • Arsenic, used in lumber preservatives, pesticides, and semi-conductors
  • Barite, used in cement and petroleum industries
  • Beryllium, used as an alloying agent in aerospace and defense industries
  • Bismuth, used in medical and atomic research
  • Cesium, used in research and development
  • Chromium, used primarily in stainless steel and other alloys
  • Cobalt, used in rechargeable batteries and superalloys
  • Fluorspar, used in the manufacture of aluminum, gasoline, and uranium fuel
  • Gallium, used for integrated circuits and optical devices like LEDs
  • Germanium, used for fiber optics and night vision applications
  • Graphite (natural), used for lubricants, batteries, and fuel cells
  • Hafnium, used for nuclear control rods, alloys, and high-temperature ceramics
  • Helium, used for MRIs, lifting agent, and research
  • Indium, mostly used in LCD screens
  • Lithium, used primarily for batteries
  • Magnesium, used in furnace linings for manufacturing steel and ceramics
  • Manganese, used in steelmaking
  • Niobium, used mostly in steel alloys
  • Platinum group metals, used for catalytic agents
  • Potash, primarily used as a fertilizer
  • Rare earth elements group, primarily used in batteries and electronics
  • Rhenium, used for lead-free gasoline and superalloys
  • Rubidium, used for research and development in electronics
  • Scandium, used for alloys and fuel cells
  • Strontium, used for pyrotechnics and ceramic magnets
  • Tantalum, used in electronic components, mostly capacitors
  • Tellurium, used in steelmaking and solar cells
  • Tin, used as protective coatings and alloys for steel
  • Titanium, overwhelmingly used as a white pigment or metal alloys
  • Tungsten, primarily used to make wear-resistant metals
  • Uranium, mostly used for nuclear fuel
  • Vanadium, primarily used for titanium alloys
  • Zirconium, used in the high-temperature ceramics industries

Under the Executive Order, these commodities qualify as “critical minerals” because  each has been identified as  a non-fuel mineral or mineral material that is essential to the economic and national security of the United States, that has a supply chain vulnerable to disruption, and that serves an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economy or national security.

Link here to view the article on USGS website

Proactive Investors – Tertiary Minerals #TYM focuses attention on single acquisition in second half of financial year

 The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year

Tertiary said it was focusing on one fluorspar project that had potential for near term revenue

 

Tertiary Minerals PLC (LON:TYM) said it is focusing its acquisition efforts on one particular project as it provided an update in its half-year report.

The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year, while the group ended the period with cash and cash equivalents totalling £474,052, up from £145,212 for the same period a year ago.

READ: Tertiary Minerals in constructive dialogue with authorities in Sweden about mine permit

The group added that following an evaluation of several potential acquisitions, it was now focusing its efforts on one fluorspar project that has the potential to generate revenue in the near term.

Tertiary also said that the Swedish Mining Inspectorate was assessing feedback from key stakeholders regarding its application for an exploitation permit for the Storuman Fluorspar project in Sweden.

In April, the firm had said dialogue between itself and the relevant authorities in Sweden had continued to make constructive progress regarding the potential development of the project.

Meanwhile, scoping study level bench scale metallurgical testwork was progressing at SGS Lakefield in Canada for the company’s MB Fluorspar project in Nevada, USA.

Executive chairman of Tertiary, Patrick Cheetham, said: “The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.”

He added that the company was still entitled to further payments on the definition of ore reserves and mineral resources and a royalty on production in relation to the sale of its Finnish gold projects to Aurion Resources Ltd, in which the company profited £31,264.

Tertiary Minerals #TYM – Half yearly report 2018 – focussed on near term revenue generating acquisition

Tertiary Minerals plc, the AIM-traded company building a strategic position in the fluorspar sector, announces its unaudited interim results for the six months ended 31 March 2018.

Operational Summary for the six months ending 31 March 2018:

Acquisition Opportunities

·      Following the evaluation of a number of potential fluorspar project acquisitions, the Company is now focusing its efforts on one particular project that has the potential to generate revenue in the near term

·      Early stage due diligence and negotiations are progressing

·      There is no guarantee that the acquisition will proceed at this stage

Partnership with Global Commodities Trading Group

·      Non-binding Memorandum of Understanding signed with Possehl Erzkontor GmbH & Co. KG (wholly owned subsidiary of CREMER) in November 2017

·      Intention for Possehl and the Company to enter into a definitive sales and purchase agreement, if and when the Tertiary projects reach commercial viability, whereby Possehl commit to purchase a minimum of 70% of commercial grade acid-spar to be produced at Tertiary’s three fluorspar projects

·      As a condition of the Offtake Agreement Possehl, will provide part of the pre-financing to Tertiary, where funds will be advanced by Possehl to Tertiary to assist the Company in meeting its working capital needs and/or its capital investment needs for the development of its current and future fluorspar projects

Storuman Fluorspar Project, Sweden – Exploitation (Mine) Permit Progress

·      Recent positive meetings have been held between the head of The Swedish Mining Inspectorate, The County Administrative Board of Västerbotten and the Company

·      Comprehensive supplementary reports and a legal statement have been submitted to Swedish Mining Inspectorate – requested as part of the Mine Permit re-assessment process

·      The in-depth analysis shows that the Company’s proposed mining operations at Storuman, with mitigation measures proposed, will have only a minimal impact on reindeer husbandry and that there will be no impact on the Natura 2000 area

·      The Swedish Mining Inspectorate will now assess feedback from key stakeholders and the Company remains hopeful for a positive decision regarding the award of the Mine Permit in the near future

MB Fluorspar Project, Nevada, USA – Metallurgical Testwork Progress

·      Scoping Study level bench scale metallurgical testwork progressing at SGS Lakefield in Canada with the aim of producing commercial grade acid-spar and mica

·      Early testwork has indicated that the ore is metallurgically complex, presenting certain processing challenges, and therefore the Company has engaged the services of one of the world’s leading consultant fluorspar metallurgists to assist with the testwork

·      The Company along with the consultant metallurgist are now scoping the next phase of testwork following recent positive developments

Lassedalen Fluorspar Project, Norway

·      The project continues to be a lower priority for the Company given the commitments on its other larger/more advanced fluorspar projects and acquisition opportunities

·      The Company has made the decision not to proceed with the purchase of land and historic mine workings from Norwegian aluminium producer, Hydro, on which part of the Lassedalen fluorspar project sits

·      The Company continues to control exploration rights on the Hydro land and all other landholder parcels on which the project sits, through a combination of expropriation rights, exploration licences and landholder agreements

Kaaresselkä and Kiekerömaa Gold Projects, Finland

·      Following the sale of the two projects in March 2017 to Aurion Resources, the Company sold its shares in Aurion Resources (paid as part initial consideration) in November 2017, resulting in a profit of £31,264

·      The Company retains pre-production and net smelter royalty interest in the projects

·      Aurion is a Canadian listed exploration company with primary focus on the development of its Finnish gold projects, several of which are under joint venture with B2Gold. Kinross Gold Corporation are also significant shareholders of Aurion.

Financial Results – Summary:

·      Operating Loss for the six-month period of £170,880 comprises:

Revenue of £110,554; less

Administration costs of £269,480 (which includes non-cash share based payments of £3,998); and

Pre-licence and reconnaissance exploration costs totalling £11,954

·      Total Group Loss of £133,539 is after charging:

Gain on disposal of available for sale investment of £37,263

Interest income of £78

·      362,554 Ordinary Shares were issued during the reporting period to directors in lieu of fees at a price of 1.875 pence per share

·      41,666,670 Ordinary Shares were issued during the reporting period by way of placing, in December 2017, at a price of 1.2 pence per share.

Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

+44 (0)1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Ewan Leggat / Lindsay Mair

 

 

+44 (0) 20 3470 0470

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Chairman’s Statement

I am pleased to present our Interim Report for the six-month period ended 31 March 2018.

The Company’s plan to build a strategic position in the fluorspar sector has attracted the support of global commodities trading group, Possehl, part of the CREMER Group, with the signing of an important Memorandum of Understanding. This (“MOU”), whilst non-binding, paves the way for a definitive sales and purchase agreement for fluorspar from the Company’s projects and, importantly, extends to the provision of pre-financing for commercial production and lends support to the Company’s ambitions to develop not only its existing projects but to acquire a near-term revenue generating project.

The Company has evaluated a number of possible acquisition opportunities in the reporting period. Whilst most of these have been rejected for various reasons, one project opportunity is currently being taken forward through early due diligence and negotiations with the current owners. There is no guarantee that the acquisition will proceed at this stage.

Work on the Company’s existing fluorspar projects in Europe and North America has largely focused on the Storuman Project in Sweden. The re-assessment process for the Company’s Exploitation (Mine) Permit application for our Storuman Fluorspar Project in Sweden has consumed considerable management time to meet an April 2018 deadline for the submission of supplementary reports and legal statements in support of the grant of the permit.

Whilst the Storuman mine permit was originally granted in 2016, the government returned the permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment following a Supreme Court decision to overturn the grant of a third-party mining company’s mine permit in the south of Sweden. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. The Company has addressed these issues with detailed impact and mitigation studies and, after consultation with certain stakeholders, has submitted comprehensive additional information that demonstrates minimal impact with the mitigation measures proposed. We are hopeful of a favourable outcome in the near future.

In Nevada, USA, our previous exploration on the MB Project has defined a very large fluorspar resource with varying metallurgical characteristics in different zones. The zone of mineralisation that is most immediately accessible to open-pit mining is the most metallurgically complex. Nevertheless, I am pleased that progress is now being made in scoping study level testwork towards production of acid-grade fluorspar as well as a by-product industrial filler grade mica. Testwork continues under the guidance of our specialist consultants.

In Norway, work at our Lassedalen Fluorspar Project has assumed a lower priority due to its smaller fluorspar resource and a decision was made not to proceed with the purchase of land from large Norwegian aluminium producer, Hydro, a forerunner company of which was responsible for mining fluorspar at Lassedalen in World War II.

The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.

Earlier in the reporting period we announced the sale of our shareholding in Canadian TSX-listed Aurion Resources Ltd which we received as part payment for the sale of our Finnish gold projects. This resulted in a profit of £31,264 on the original transactional value and with good timing we achieved a price per share substantially above the current prevailing price. We will, however, continue to share in any of Aurion’s future success on these projects as we are entitled to further payments on the definition of Ore Reserves and Mineral Resources and a royalty on production.

We look forward to reporting further progress through the rest of this financial year.

Patrick L Cheetham

Executive Chairman

22 May 2018

 

Consolidated Income Statement

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

 to 30 September

2017

Audited

£

£

£

Revenue

110,554

134,885

241,024

 
Administration costs

(269,480)

(286,654)

(550,229)

 
Pre-licence and other exploration costs

(11,954)

(4,371)

(30,617)

 

Operating loss

(170,880)

(156,140)

(339,822)

Impairment of available for sale investment

(55,987)

(55,987)

Profit on disposal of available for sale investment

37,263

Interest receivable

78

277

277

Loss before income tax

(133,539)

(211,850)

(395,532)

Income tax

Loss for the period attributable to equity holders of the parent

(133,539)

(211,850)

(395,532)

Loss per share – basic and diluted (pence) (Note 2)

(0.04)

(0.08)

(0.14)

Consolidated Statement of Comprehensive Income

for the six months to 31 March 2018

Six months to 31 March

2018

Unaudited

Six months to

31 March

2017

Unaudited

Twelve months to

30 September

2017

Audited

£

£

£

Loss for the period

(133,539)

(211,850)

(395,532)

 

Other comprehensive income:

Items that could be reclassified subsequently
to the Income Statement:
 
Fair value movement on available for sale investment

(111,316)

(54,755)

122,753

 
Foreign exchange translation differences on foreign currency net investments in subsidiaries

(209,948)

59,852

(15,442)

Items that have been reclassified subsequently

to the Income Statement:

Amount reclassified on disposal of available for sale investment

(37,263)

Total comprehensive income/(loss) for the period attributable to equity holders of the parent

(492,066)

(206,753)

(288,221)


Company Registration Number 03821411

Consolidated Statement of Financial Position

at 31 March 2018

As at

31 March

2018

Unaudited

As at

31 March

2017

Unaudited

As at

30 September

2017

Audited

£

£

£

Non-current assets
Intangible assets

4,406,689

4,497,712

4,508,015

Property, plant & equipment

2,463

6,607

4,361

Available for sale investment

164,391

231,463

408,971

4,573,543

4,735,782

4,921,347

Current assets

Receivables

95,668

86,975

94,253

Cash and cash equivalents

474,052

145,212

159,278

569,720

232,187

253,531

Current liabilities

Trade and other payables

(75,464)

(62,555)

(75,808)

Net current assets

494,256

169,632

177,723

Net assets

5,067,799

4,905,414

5,099,070

Equity
Called up Ordinary Shares

35,910

2,670,769

31,708

Deferred Shares

2,644,062

2,644,062

Share premium account

9,784,363

9,066,769

9,331,768

Merger reserve

131,096

131,096

131,096

Share option reserve

204,522

254,566

259,690

Available for sale investment reserve

25,291

(3,638)

173,870

Foreign currency reserve

156,964

442,206

366,912

Accumulated losses

(7,914,409)

(7,656,354)

(7,840,036)

Equity attributable to the owners of the parent

5,067,799

4,905,414

5,099,070

 

                Consolidated Statement of Changes in Equity

Ordinary

Share

Capital

Deferred

Shares

Share

Premium

 Account

Merger

Reserve

Share

Warrant

Reserve

Available

for Sale

Reserve

Foreign

Currency

Reserve

Accumulated

Losses

Total

£

£

£

£

£

£

£

£

£

At 30 September 2016

2,669,442

9,066,735

131,096

343,486

51,117

382,354

(7,539,696)

5,104,534

Loss for the period

(211,850)

(211,850)

Change in fair value

(54,755)

(110,742)

Exchange differences

59,852

59,852

Total comprehensive loss for the period

(54,755)

59,852

(211,850)

(206,753)

Share issue

1,327

34

1,361

Share based payments expense

6,272

6,272

Transfer of expired warrants

(95,192)

95,192

At 31 March 2017

2,670,769

9,066,769

131,096

254,566

(3,638)

442,206

(7,656,354)

4,905,414

Loss for the period

(183,682)

(183,682)

Change in fair value

177,508

177,508

Exchange differences

(75,294)

(75,294)

Total comprehensive loss for the period

177,508

(75,294)

(183,682)

(81,468)

Share split

(2,644,062)

2,644,062

Share issue

5,001

264,999

270,000

Share based payments expense

5,124

5,124

At 30 September 2017

31,708

2,644,062

9,331,768

131,096

259,690

173,870

366,912

(7,840,036)

5,099,070

Loss for the period

(170,802)

(170,802)

Change in fair value

(111,316)

(111,316)

Transfer of disposals to income statement

(37,263)

37,263

Exchange differences

(209,948)

(209,948)

Total comprehensive loss for the period

(148,579)

(209,948)

(133,539)

(492,066)

Share issue

4,202

452,595

456,797

Share based payments expense

3,998

3,998

Transfer of expired warrants

(59,166)

59,166

At 31 March 2018

35,910

2,644,062

9,784,363

131,096

204,522

25,291

156,964

(7,914,409)

5,067,799

Consolidated Statement of Cash Flows

for the six months to 31 March 2018

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

£

£

£

Operating activity
 

Operating loss

(170,880)

(156,140)

(339,822)

Depreciation charge

2,003

3,265

5,910

Shares issued in lieu of net wages

6,797

1,361

1,361

Share based payment charge

3,998

6,272

11,396

Non-cash additions to available for sale investment

(52,735)

(52,735)

(Increase)/decrease in receivables

(1,415)

18,057

10,779

Increase/(decrease) in payables

(344)

(29,933)

(16,680)

Net cash outflow from operating activity

(159,841)

(209,853)

(379,791)

Investing activity

Interest received

78

277

277

Development expenditures

(102,415)

(108,558)

(190,172)

Disposal of exploration asset

15,000

15,000

Disposal of available for sale investment

133,264

Purchase of property, plant & equipment

(105)

(87)

(486)

Net cash outflow from investing activity

30,822

(93,368)

(175,381)

Financing activity

Issue of share capital (net of expenses)

450,000

270,000

Net cash inflow from financing activity

450,000

270,000

Net (decrease)/increase in cash and cash

equivalents

320,981

(303,221)

(285,172)

Cash and cash equivalents at start of period

159,278

448,474

448,474

Exchange differences

(6,207)

(41)

(4,024)

Cash and cash equivalents at end of period

474,052

145,212

159,278

 

Notes to the Interim Statement

1.       Basis of preparation

The consolidated interim financial information has been prepared in accordance with the accounting policies that are expected to be adopted in the Group’s full financial statements for the year ending 30 September 2018 which are not expected to be significantly different to those set out in Note 1 of the Group’s audited financial statements for the year ended 30 September 2017. These are based on the recognition and measurement principles of IFRS in issue as adopted by the European Union (EU) or that are expected to be adopted and effective at 30 September 2018.  The financial information has not been prepared (and is not required to be prepared) in accordance with IAS 34. The accounting policies have been applied consistently throughout the Group for the purposes of preparation of this financial information.

The financial information in this statement relating to the six months ended 31 March 2018 and the six months ended 31 March 2017 has neither been audited nor reviewed by the Auditors, pursuant to guidance issued by the Auditing Practices Board. The financial information presented for the year ended 30 September 2017 does not constitute the full statutory accounts for that period.  The Annual Report and Financial Statements for the year ended 30 September 2017 have been filed with the Registrar of Companies. The Independent Auditor’s Report on the Annual Report and Financial Statement for the year ended 30 September 2017 was unqualified, although did draw attention to  matters by way of emphasis in relation to going concern, and did not contain a statement under 498(2) or 498(3) of the Companies Act 2006.

          The directors prepare annual budgets and cash flow projections for a 15 month period. These projections include the proceeds of future fundraising necessary within the period to meet the Company’s and Group’s planned discretionary project expenditures and to maintain the Company and Group as a going concern. Although the Company has been successful in raising finance in the past, there is no assurance that it will obtain adequate finance in the future. This represents a material uncertainty related to events or conditions which may cast significant doubt on the entity’s ability to continue as a going concern and, therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors have a reasonable expectation that they will secure additional funding when required to continue meeting corporate overheads and exploration costs for the foreseeable future and therefore believe that the going concern basis is appropriate for the preparation of the financial statements.

2.       Loss per share

Loss per share has been calculated on the attributable loss for the period and the weighted average number of shares in issue during the period.

Six months

to 31 March

2018

Unaudited

Six months

to 31 March

2017

Unaudited

Twelve months

to 30 September

2017

Audited

Loss for the period (£)

(133,539)

(211,850)

(395,532)

Weighted average shares in issue (No.)

343,522,305

266,987,238

284,429,468

Basic and diluted loss per share (pence)

(0.04)

(0.08)

(0.14)

The loss attributable to ordinary shareholders and the weighted average number of ordinary shares used for the purpose of calculating diluted earnings per share are identical to those used to calculate the basic earnings per ordinary share. This is because the exercise of share warrants would have the effect of reducing the loss per ordinary share and is therefore not dilutive under the terms of IAS33.

3.       Share capital

During the six months to 31 March 2018 the following share issues took place:

An issue of 41,666,670 0.01p Ordinary Shares at 1.2p per share, by way of placing, for a total consideration of £500,000 before expenses (6 December 2017).

An issue of 72,554 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £1,360 (31 January 2018).

An issue of 290,000 0.01p Ordinary Shares at 1.875p per share, to a director, in satisfaction of directors’ fees, for a total consideration of £5,437 (31 January 2018).

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